Morgan Stanley’s 4 percent revenue dip in that business compares with a 40 percent drop at Goldman and declines of 6 percent to 19 percent at Citigroup Inc, Bank of America Corp and JPMorgan Chase & Co.
Overall, Morgan Stanley’s trading revenue fell a more modest 2 percent, to US$3.2 billion, due to a small gain in equities trading, where it is has a strong franchise.
Morgan Stanley’s smallest business, investment management, reported a 14 percent rise in revenue, to US$665 million.
Overall, Morgan Stanley’s second-quarter profit rose to US$1.6 billion, or 87 cents per share, from US$1.4 billion, or 75 cents per share, in the same period last year.
Its revenue rose 7 percent to US$9.5 billion, against an average estimate of US$9.1 billion.